Conformed Copy - L4111 - Second Subic Bay Freeport Project - Loan Agreement

Page 1 CONFORMED COPY LOAN NUMBER 4111 PH Loan Agreement (Second Subic Bay Freeport Project) Floating Rate Single Currency Loan between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT and SUBIC BAY METROPOLITAN AUTHORITY Dated July 18, 1997 LOAN NUMBER 4111 PH LOAN AGREEMENT AGREEMENT, dated July 18, 1997 between NATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank) and SUBIC BAY METROPOLITAN AUTHORITY (the Borrower). WHEREAS (A) the Republic of the Philippines (the Guarantor) and the Borrower, having been satisfied as to the feasibility and priority of the Project described in Schedule 2 to this Agreement, have requested the Bank to assist in the financing of the Project; (B) by an agreement (the Guarantee Agreement) of even date herewith between the Guarantor and the Bank, the Guarantor has agreed to guarantee the obligations of the Borrower in respect of the Loan and to undertake such other obligations as set forth in the Guarantee Agreement; and WHEREAS the Bank has agreed, on the basis, inter alia, of the foregoing, to extend the Loan to the Borrower upon the terms and conditions set forth in this Agreement; NOW THEREFORE the parties hereto hereby agree as follows: ARTICLE I General Conditions; Definitions Section 1.01. The